Pune, India, March 01, 2022 (GLOBE NEWSWIRE) -- The global Turbocompressor Market size was valued at USD 4.92 billion in 2020. The market is projected to rise from USD 5.05 billion in 2021 to USD 7.77 billion by 2028 at a CAGR of 6.4% during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Turbocompressor Market, 2021-2028.”
According to the study, turbocompressors are highly sought-after to eliminate the pressure surge in the injected gas. The machine has gained ground in the oil & gas industry and natural gas development. Soaring demand for natural gas will encourage leading companies to invest in the portfolio. However, the onslaught of the COVID-19 pandemic could challenge stakeholders vying to expand their penetration.
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COVID-19 Impact
Shutdown of Industrial Facilities to Dent Industry Outlook
The COVID-19 outbreak did not bode well for the business forecast following the shutdown of manufacturing facilities and lack of funds. Besides, supply chain disruptions and the imposition of lockdown rules further challenged the growth prospect. Prominently, delays in procuring raw materials caused major disruptions. However, smart city projects across advanced and emerging economies are expected to offset the impact of the pandemic.
Major Players Profiled in the Market Report:
- Ingersoll Rand (Ireland)
- Atlas Copco (Sweden)
- Elliot Group (U.S.)
- Howden (Scotland)
- Kawasaki Heavy Industries, Ltd. (Japan)
- Kobe Steel (Japan)
- MAN (Germany)
- Mitsubishi Heavy Industries (Japan)
- GE (U.S.)
- Sulzer (Switzerland)
- SKF (Sweden)
- Siemens Energy (Germany)
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/turbocompressor-market-101400
Segments
Type, Stage, Application, and Region Are Studied
Based on type, the market is segmented into axial turbocompressor and centrifugal turbocompressor.
In terms of stage, the industry is segregated into single-stage and multi-stage segments.
With respect to application, the market is fragmented into power generation, oil & gas, automotive, water & wastewater, mining, chemical and others.
On the basis of geography, the market includes North America, Asia Pacific, Europe, the Middle East and Africa and Latin America.
Report Coverage
The report includes quantitative and qualitative analysis to provide a birds-eye-view of the global market. The report also deep-dives into top-down and bottom-up approaches to forecast market size, revenues, and growth of major players in the landscape. The use of primary sources, such as interviews with key opinion leaders, has boosted the dynamics and insights with respect to trends. The report includes secondary sources, including SEC filings, press releases, annual reports, and paid databases.
Drivers and Restraints
Commercialization Trend to Boost Product Uptake
Stakeholders expect commercialization to foster the turbocompressor market growth across advanced and emerging economies. Notably, research activities are expected to gain ground for real-time data monitoring and advanced process control features. To illustrate, in October 2021, Atlas Copco compressors exhibited a host of technologies such as aeration technologies and a range of blowers for wastewater treatment. Moreover, the machine has become trendier across end-user sectors, including oil & gas, chemical, and power generation. Industry players are expected to bank on the expansion of air-conditioning, ventilation, and heating in electric hybrid vehicles.
However, the prevalence of substitute products as well as rigorous environmental regulations could mar the market forecast. Leading companies are expected to grapple with changing dynamics in new compressor technologies.
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Regional Insights
Technological Advancements to Augur Well for North America Market
The U.S. and Canada are likely to emerge as happy destinations due to the presence of leading companies and technological advancements. Specifically, municipal wastewater systems in Canada are expected to have served around 86% of the population in the country. The North America market size accounted for USD 1.58 billion in 2020 and will witness a similar trend during the forecast period.
The turbocompressor market share in Europe will observe an appreciable gain in the wake of adoption of smart water systems. Stakeholders expect the U.K., Germany, and France to spearhead the installation of wastewater plants. To illustrate, in July 2020, H+E GmbH in Germany, Stuttgart secured the contract for a supply water treatment plant for an automobile manufacturer in Germany. The growth of automotive production is expected to have a notable influence on the regional outlook.
Industry participants project the Asia Pacific market forecast to be strong in the wake of rising urbanization and industrialization. The chemical industry is likely to count on the penetration of compressors across India, China, South Korea, and Taiwan. Notably, BASF claims China to be the largest contributor to the chemical market growth, boding well for the business forecast.
Competitive Landscape
Leading Companies to Infuse Funds into Product Launches to Tap Markets
Leading companies are likely to inject funds into product rollouts, mergers & acquisitions, R&D activities, and technological advancements to gain a competitive edge. The prevailing trends indicate major companies could invest in strategic expansion in the ensuing period.
Key Industry Developments
- February 2020—Celeroton rolled out CT-2X turbocompressor to meet the growing demand for pressure ratios and higher mass flow.
- July 2020—Sulzer expanded its turbocompressors HST 30 range with the addition of two new designs, including HST 30-58-8 and HST 30-38-2 for wastewater applications.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Turbocompressor Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Turbocompressor Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Centrifugal Turbocompressor
- Axial Turbocompressor
- Market Analysis, Insights and Forecast – By Stage
- Single-Stage
- Multi-Stage
- Market Analysis, Insights and Forecast – By Application
- Oil & Gas
- Power Generation
- Chemical
- Water & Wastewater
- Automotive
- Mining
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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